EU plan to press ahead with China EV tariffs bad for ties and green ambitions -Xinhua
BEIJING, Oct 5 (Reuters) -The European Commission's decision to press ahead with tariffs on Chinese-made electric vehicles threatens to undermine decades of cooperation between China and the EU, and endangers climate-change goals, Xinhua news agency said on Saturday.
On Friday, the EU said it would push forward with hefty tariffs on China-made EVs, even after the bloc's largest economy Germany rejected them. The dispute is its biggest trade row with Beijing in a decade.
State-run Xinhua said the move revealed a "deep-seated protectionist impulse".
"Instead of fostering co-operation, these tariffs risk sparking a trade conflict that could harm not only China-EU relations but also Europe's own ambition for a green transition," it said.
"The path forward is clear: Protectionist tariffs must be abandoned in favor of continued negotiations."
European imports of Chinese-made EVs have soared in recent years, raising concerns among some domestic EV producers that they could suffer significant losses from a wave of cheap Chinese electric vehicles.
The proposed duties on EVs built in China of up to 45% would cost carmakers billions of extra dollars to bring cars into the bloc and are set to be imposed from next month for five years.
The Commission, which oversees the bloc's trade policy, has said the tariffs would counter what it sees as unfair Chinese subsidies after a year-long anti-subsidy investigation. It said on Friday, however, that it would continue talks with Beijing.
A possible compromise could be to set minimum sales prices.
China's Commerce Ministry has expressed strong opposition to the planned tariffs, calling them "unfair, non-compliant and unreasonable." It has launched a challenge to them at the World Trade Organization.
In what has been seen as retaliatory moves, Beijing this year launched probes into imports of EU brandy, dairy and pork products.
The U.S. imposes a 100% duty on imported Chinese EVs.
Why EU tariffs matter to China EV makers? https://reut.rs/3RrBt7t
EXPLAINER-What happens next as China-made EVs investigated by EU? nL1N3LF0CE
FACTBOX-EU plans to hit China-based EV makers with additional tariffs nL1N3LE0L
FACTBOX-German carmakers most exposed to Chinese counter-tariffs nL8N3I90V3
FACTBOX-China's probes on EU products following EV tariffs nL1N3KG0BG
FACTBOX-What you need to know about China's widening probe of EU imports nL1N3KA03S
EV exports from China to European countries https://reut.rs/47fXVr8
China's top imports by value from major EU nations https://reut.rs/3ZoVZuu
2023 Imports of EU goods affected by China's trade investigations https://reut.rs/3Ber3Tm
Falling car sales in Europe https://reut.rs/3XWVIwy
EU lays out its China EV tariff calculations nL1N3IW0D0
FACTBOX-EU report details widespread Chinese interference in economy nL1N3IV09Q
Reporting by Amy Lv and Anne Marie Roantree; Editing by Edwina Gibbs
Latest News
Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.
All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.
Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.
